Lebron Taylor purchased a home on July 1,2018,for $500,000.Lebron paid for the entire purchase price with cash.On January 1,2019,Lebron needed additional cash for purposes unrelated to his home,so he took out a loan secured by the residence for $150,000.During 2019,he made interest-only payments of $4,500 on the loan.What amount of the $4,500 interest expense can Lebron deduct in 2019?

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The Answer of Lebron Taylor purchased a home on July 1,2018,for $500,000.Lebron paid for the entire purchase price with cash.On January 1,2019,Lebron needed additional cash for purposes unrelated to his home,so he took out a loan secured by the residence for $150,000.During 2019,he made interest-only payments of $4,500 on the loan.What amount of the $4,500 interest expense can Lebron deduct in 2019?

Lebron Taylor Purchased a Home on July 1,2018,for $500,000